The largest institutional holder of bitcoin — the company Strategy — continues to steadily build up its cryptocurrency reserves while simultaneously pursuing an active capital management policy. Between November 2 and 8, the company purchased 1036 BTC at an average price of $79,012 per coin, totaling approximately $81.9 million.
Strategy's total bitcoin reserves reached an impressive mark of 850,364 BTC. The total value of accumulated assets amounted to approximately $64.16 billion at an average purchase price of $75,456 per coin. Current market conditions allow the company to maintain a positive margin across its entire portfolio.
Priority — Buyback of Preferred Shares
Notably, during the same period Strategy allocated $188.3 million to buy back its own STRC preferred shares — a sum approximately 2.3 times the cost of purchasing bitcoin. This reflects the company's strategic priority of optimizing its capital structure and maintaining the confidence of holders of preferred instruments.
Both operations were financed through the issuance of 2.05 million MSTR shares, which brought the company $283.8 million. The remaining $13.6 million replenished Strategy's free cash.
This financing model demonstrates the maturity of Strategy's corporate financial engineering: the company effectively uses capital market instruments to simultaneously increase its bitcoin exposure and strengthen its balance sheet without resorting to debt financing.
Cryptalist Analysis: The Strategy case remains an indicator of institutional demand for bitcoin — the company continues to increase its position even at prices above its own average entry point. The simultaneous emphasis on buying back preferred shares signals an intention to reduce the cost of capital and strengthen investor confidence, which makes Strategy's model resilient to volatility. For the market, this is a positive signal: a major corporate holder maintains its long-term commitment to bitcoin as a reserve asset.